Amazon CEO Jeff Bezos has overtaken Bill Gates and is now the richest person in the world, with a fortune topping $90 billion for the first time ever.

When markets opened on Thursday, Bezos had a net worth of $90.6 billion, putting him $500 million ahead of Microsoft founder Bill Gates.
Bezos is now the seventh person to hold the title of the world’s richest person and the third American to top the global ranks besides Gates and Berkshire Hathaway CEO Warren Buffett.

He first appeared on the Forbes 400 in 1998, a year after Amazon went public, with a $1.6 billion fortune. Bezos ranked third richest in the world on Forbes 2017 list of the World’s Billionaires, published in March, with a fortune of $72.8 billion.

Bezos would be nowhere close to being the world’s wealthiest person had Gates not given so much of his fortune to philanthropy. Gates, who created the Giving Pledge with Buffett to encourage billionaires to give at least half of their wealth to charitable causes, had given away $31.1 billion over the course of his lifetime through end of 2016.

Forbes estimates that Bezos, who has not signed the pledge, had given approximately $100 million to charity through the end of 2015. In June, Bezos tweeted out a request for ideas for his philanthropy, garnering thousands of responses.